According to the latest release of the State of the Industry: U.S. Classes 3-8 Used Trucks, published by ACT Research, used Class 8 same dealer sales volumes dropped 12% month-over-month in May, with longer-term sales down 20% year-over-year compared to May 2019. Sales through ytd May are up an incremental 2%. The report also indicated that used Class 8 average price and miles rose from April’s levels, up 2% and 1%, respectively, with average age 1% lower than the previous month. Longer term, average price, miles and age all contracted year-over-year, as well as year-to-date, down respectively from the first five months of 2019 by 16%, 2%, and 6%.
The report from ACT provides data on the average selling price, miles, and age based on a sample of industry data. In addition, the report provides the average selling price for top-selling Class 8 models for each of the major truck OEMs – Freightliner (Daimler); Kenworth and Peterbilt (Paccar); International (Navistar); and Volvo and Mack (Volvo). This report is utilized by those throughout the industry, including commercial vehicle dealers, to gain a better understanding of the used truck market, especially as it relates to changes in near-term performance.
Additionally, ACT Research has created an easily accessible COVID-19 MARKET WATCH webpage to track noteworthy high frequency macroeconomic and transportation-specific market indicators, which can be found at https://pages.actresearch.net/covid-19.
“Dealers are reporting that low used truck prices and high inventories were challenges before COVID-19 struck and they continue to be an issue,” said Kenny Vieth, President and Senior Analyst at ACT Research. He continued, “The upside for people buying trucks is that there are bargains available.” Vieth added, “Not surprisingly, most sales reps are reporting their business as much slower now than in early March, with some saying they are doing well with dump trucks and other vocational truck types, while aerodynamic sleepers continue to be grossly oversupplied.”
ACT Research is recognized as the leading publisher of commercial vehicle truck, trailer, and bus industry data, market analysis and forecasts for the North America and China markets. ACT’s analytical services are used by all major North American truck and trailer manufacturers and their suppliers, as well as banking and investment companies. ACT Research is a contributor to the Blue Chip Economic Indicators and a member of the Wall Street Journal Economic Forecast Panel. ACT Research executives have received peer recognition, including election to the Board of Directors of the National Association for Business Economics, appointment as Consulting Economist to the National Private Truck Council, and the Lawrence R. Klein Award for Blue Chip Economic Indicators’ Most Accurate Economic Forecast over a four-year period. ACT Research senior staff members have earned accolades including Chicago Federal Reserve Automotive Outlook Symposium Best Overall Forecast, Wall Street Journal Top Economic Outlook, and USA Today Top 10 Economic Forecasters. More information can be found at www.actresearch.net.
ACT’s 63rd seminar is scheduled for August 11-13, 2020, and is being offered via livestream for those wishing to participate. Focused on the road to recovery from the COVID-19 pandemic, the event will feature dealer, alternative power, and economic panels, as well as discussions on near-term demand of North American commercial vehicle markets and the pending impact of alternative power on the market in the near future. Click here for seminar information.
Click below to:
Access May's State of the Industry: U.S. Classes 3-8 Used Trucks Press Release.